Posted 4 days ago
With inflation soaring, one town in the Southwest is struggling with the highest inflation rates in the U. S.: Midland, Texas.
Sitting between Dallas and El Paso, the town is the title holder as of mid-May for the most drastic inflation in America due to a number of factors, reported Bloomberg Business.
Businesses in Midland are having greater difficulty replacing machinery due to the high prices caused by inflation, according to Bloomberg Business. There are also supply shortages due to the demand for materials.
Midland’s local economy is dependent on oil, making inflation worse for the Texas residents as national oil prices have surged for the past several months.
Due to inflation rates rising, central banks are raising interest rates. Energy prices, as well as the costs of food at local restaurants and gas station rest stops, are increasing, Bloomberg Business reported.... (Read more)